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Saudi Aramco invests billions in China

Saudi Aramco wants to buy 10 percent of shares in the Chinese group Rongsheng Petrochemical for 3.6 billion US dollars. In addition, Aramco will build an oil refinery and petrochemical plant in north-eastern China with Chinese partners. Construction of the plant, which is estimated to cost over 12 billion US dollars, is to begin in the province of Liaoning. It is scheduled to be fully operational in 2026. This will significantly increase the world’s largest oil producer’s refinery presence in China.

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